Zydus Life’s plant in Matoda gets Official Action Indicated from USFDA

18 Jun 2024 , 11:01 AM

Zydus Lifesciences Ltd, an Indian generic manufacturer, announced Saturday (June 15) that the USFDA has classified its injectable manufacturing plant at Pharmez SEZ in Matoda as Official Action Indicated (OAI).

According to Zydus Lifesciences, the categorization follows an inspection conducted by the USFDA from March 18 to 27, 2024.

Given that infractions discovered on-site necessitate additional administrative fines and necessary corrective activities.

Zydus Lifesciences reported a four-fold increase in total net profit to ₹1,182 Crore for the fourth quarter ended March 31, 2024, driven by increased sales. The drug firm declared a net profit of ₹297 Crore in the January-March quarter of the 2022-23 fiscal year.

Zydus Lifesciences reported an increase in operating revenue to ₹5,534 Crore from ₹5,011 Crore the previous year. The company declared a combined net profit of Rs 3,859 Crore for the fiscal year ended March 31, 2024, up from ₹1,960 Crore for FY23. Revenue from operations increased to ₹19,547 Crore from ₹17,237 Crore in fiscal 2022-23.

Zydus Lifesciences Ltd. is a leading Indian life sciences company that innovates, manufactures, markets, and sells finished human formulations (generics, branded generics, and specialty formulations such as biosimilars and vaccines), as well as active pharmaceutical ingredients (“APIs”).

At around 10.57 AM, Zydus Lifesciences was trading 2.13% lower at ₹1,085.95 per piece, against the previous close of ₹1,109.55 on NSE. The counter touched an intraday high and low of ₹1,109.50, and ₹1,070.45, respectively.

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